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Wesana Plans to Sell Clinics, Focus on Drug Development

The article Wesana Plans to Sell Clinics, Focus on Drug Development was originally published on Microdose.

Following the news that Numinus has acquired…

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The article Wesana Plans to Sell Clinics, Focus on Drug Development was originally published on Microdose.

Following the news that Numinus has acquired NovaMind, and Field Trip dividing itself into two separate companies, we now have another psychedelic medicine player doing a major restructuring.

Wesana Health has announced its plan for a “strategic review of Wesana’s care delivery division” and that “the Company is reviewing strategic alternatives including, but not limited to, a sale of all the assets under the care delivery division…”.

From Zed Wang, Chief Financial Officer of Wesana Health commented: “We believe now is the correct time to review all strategic options to maximize shareholder value and financial resources. A clear focus will allow Wesana to optimize resources as we look to expand the lead indication associated with SANA-013 and allow the clinics to realize their growth potential.”

Looks like their positive meeting with the FDA regarding their lead compound has prompted a revised company game plan (Wesana had previously been rolling out treatment centers). See the full press release below and stay tuned for more as this story develops.

 

 

Wesana Announces Singular Focus on Drug Development Prompting a Strategic Review of its Clinics and Other Care Delivery Assets

May 05, 2022 09:09 ET | Source: Wesana Health

CHICAGO and TORONTO, May 05, 2022 (GLOBE NEWSWIRE) — Wesana Health Holdings Inc. (“Wesana” or the “Company”) (CSE: WESA; OTCQB: WSNAF), a data-driven life sciences company focused on developing the novel therapies of tomorrow and delivering new care paradigms today, is pleased to announce that following the successful completion of an initial tranche of its previously announced private placement (the “Placement”), the Company has determined to move forward with a strategic review of Wesana’s care delivery division.

“Over the past year, we have grown two distinct divisions reflecting our novel paradigm of care development and care delivery,” said Daniel Carcillo, Wesana founder and Chief Executive Officer. “This approach served the Company well and allowed us to bring leading edge therapies to individuals in need of care while driving forward a sophisticated drug development program. As we plan for our next milestone of an expanded lead indication for SANA-013 consistent with the positive feedback from FDA, it is now time to streamline our focus to accelerate the development of SANA-013, including initiation of a Phase 1b/2a human study for Major Depressive Disorder (“MDD”) in H1 2023.

Strategic Rationale for Clinics and Other Care Delivery Asset Review:

Feedback from the U.S. Food and Drug Administration (“FDA”) validates the Company’s strategic plan for simplification and growth. Given the clarity provided by FDA in the pre-IND meeting, and the Company’s increased focus on drug development, Wesana has commenced a strategic review of the Company’s assets with a focus on reviewing Wesana’s care delivery division. The Company is reviewing strategic alternatives including, but not limited to, a sale of all the assets under the care delivery division, including:

  • Wesana Clinics – a network of psychiatrist-led mental health clinics focused on serving the community through the delivery of personalized innovative psychiatric care, inclusive of ketamine therapy, medication management, psychotherapy, cognitive testing, and pharmacogenetic testing.
  • Wesana Solutions – a medical-grade clinical SaaS platform focused on improving mental healthcare through facilitating access to leading edge clinical protocols and tracking their efficacy. In concert with EMRs and practice management systems, Wesana Solutions is intended to be used in clinics delivering psychedelics and related therapies, targeting the developing international psychiatric clinic and research market.
  • PsyTech Connect – a leading community for the clinical use of psychedelics with over 8,000 actively engaged professionals

Zed Wang, Chief Financial Officer of Wesana Health commented: “We believe now is the correct time to review all strategic options to maximize shareholder value and financial resources. A clear focus will allow Wesana to optimize resources as we look to expand the lead indication associated with SANA-013 and allow the clinics to realize their growth potential.”

About Wesana Health

Wesana Health helps people transcend barriers in mental health and performance. We innovate in care development through our therapies and patent-pending protocols, and in care delivery through activating a new multidisciplinary, technology-supported clinical model. Learn more at www.wesanahealth.com.

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